Setback for Binance from Mastercard, Visa – Money – SAMAA – SAMAA English
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Cryptocurrency exchange Binance is losing business with Mastercard and Visa because of regulatory scrutiny.
Mastercard will no longer offer Binance-branded cards in Latin America and the Middle East, and Visa has also ended a similar card tie-up with Binance in Europe.
The moves by Mastercard and Visa are a setback for Binance, which has been trying to expand its reach and offer more services to its users.
The company has been facing increasing scrutiny from regulators around the world, who are concerned about the risks of money laundering and other financial crimes associated with cryptocurrencies.
The United States Securities and Exchange Commission (SEC) has charged Binance and its CEO Changpeng Zhao with 13 counts, including mixing billions of dollars in customer money with the company’s own funds.
This is similar to the allegations made against the now-bankrupt crypto exchange FTX.
Binance has denied any wrongdoing and says it is committed to complying with all applicable regulations.
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